International Shipping the Barometer of the Global Economy

April 14, 2010 - PRLog -- Throughout history, the most accurate way to gauge the state of the global economy was to assess the condition, intensity, and amount of international shipping. It can give the viewer a picture of how much trade is really occurring, where the centers of trade are, and what commodities are most traded in.

Most importantly, during times of economic upheaval, such as the last global recession in 2008, getting the opinion of a knowledgeable shipping professional about the global state of the shipping industry could help navigate the turbulent times. His opinion would give you a pretty accurate picture of what is happening, or going to happen, on a global scale. So when the CEO’s of large international shipping companies, cry misery and claim their businesses are suffering from a steep decline in bookings for, you know there is something wrong with the world economy.

There are some specialists who have measured the financial losses suffered by the international shipping companies to be in the range of $20 to $30 billion dollars for the year of 2009. As a result many transport ships have been put out of use. Others make the claim that mass layoffs suffered in the shipping field, such as longshoreman, deck hands, and customs agents, have surpass the 100,000 mark. In any case, one can open any maritime magazine and see for themselves that the economic situation of the international shipping industry is not good.  

Although, neither the mass shedding of transportation workers nor the large number of ships that are laying-up is the main issue. It’s the sinking pricing rates that the shipping companies can charge customers for whatever shipping jobs that are left, that is making sea transportation companies very worried. This state can keep the international shipping industry bogged down for years, and delay the re-hiring of employees. If it were not for the massive growth in sipping attributed to the giant markets of China and India, the prospects for the shipping industry would be very grim indeed.

Many shipping companies introduced extensive cost saving measures to help them buffer the financial losses. One common move is for shipping companies to relocate to more modest, and often more cramped, office spaces. Significantly extending the shipping schedules can generate savings in shipping fuel costs. Every saved is a dollar earned.
Although, if indeed the world economy is again approaching an upswing then the future of international shipping may shine bright once again.  

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